The founders of QuickNode have their sights set on global expansion after raising an additional $60 million from investors.
The Miami-based startup, which builds infrastructure to support Web 3 applications, secured the funds in a series B round led by 10T Holdings, with participation from Tiger Global Management, Protocol Labs and Seven Seven Six, the venture capital firm launched by Reddit co-founder Alexis Ohanian. QuickNode now has an $800 million valuation.
Web3 is an idea for a new version of the internet powered by decentralization and blockchain. QuickNode co-founder and CEO Alex Nabutovsky said blockchain adoption and development is rising year-over-year as more businesses incorporate that technology into their operations.
"The industry is about to enter its next era, and with this raise, we are preparing for mass adoption of blockchain technology in 2023 and throughout the rest of the decade," Nabutovsky said.
The company provides blockchain infrastructure on 16 blockchains, according to a news release. It plans to streamline the transition from Web 2 (the current version of the internet we use) to Web 3 by offering developers the tools they need to onboard blockchain users at scale.
QuickNode previously closed a $35 million series A round led by Tiger Global in late 2021. At the time, the startup used the capital to hire more than 90 new employees across eight countries.
Despite challenges in the cryptocurrency industry in 2022 — the price of Bitcoin fell 65% and exchanges like FTX went bankrupt — demand for blockchain infrastructure for businesses was not affected. QuickNode reports its revenue grew more than 300% last year.
Seven Seven Six founder Ohanian said QuickNode's platform will meet the needs of both Web3 native companies and brands making the transition to that space.
"QuickNode is one of the rare companies that both keeps pace with the velocity of the Web3 space while continuously pushing it forward," he added."
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